24/7 Cryptocurrency News
Bitcoin Price Eyes $70,000 As US Feds Leaves Rate Unchanged
Published
3 weeks agoon
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Against the general expectation of the broader financial ecosystem, the United States Federal Reserve has held its interest rate intact, a move that holds a crucial sway on the price of Bitcoin (BTC).
Bitcoin Price and Fed Stance
After the conclusion of the Federal Open Market Committee (FOMC), the US banking officials decided to keep rates between 5.25% – 5.50%. This is against the projections that the Feds might follow in the footsteps of other G7 central banks that cut rates by 25 basis points.
Last week, the Bank of Canada broke the stalemate and lowered interest rate by 0.25% on confidence that inflation is no longer rampaging. Following this move, the European Central Bank (ECB) also lowered its interest rate by the same percentage. In order to buoy its own fiat currency, the Danish Central Bank also slashed its rate last Thursday.
In all of these rate slash announcement, Bitcoin price recorded a wavy motion as it swung from a low of $66,190 to a high of $70,100. With the Federal Reserve maintaining its rate stance, the price of Bitcoin is now maintaining its bullish rebound from earlier in the day. At the time of writing, the coin is up by 3.22% in 24 hours to $68,785.91.
Volatility is obviously high as despite this uptick, its trading volume is still down by 16.3% to $30,874,721,390. The 24 hour low comes in at $66,902.46 and its highest peak at $69,977.89. The expectation is that the Federal Reserve announcement will help boost the bullish BTC momentum to help it retest the resistance level at $70,000.
Market Momentum is Just Shaping Up
For Bitcoin, the price is very responsive to general market trends. The reaction of the mainstream stock market might further shape its growth in the next few hours.
While Bitcoin investors try to make sense of the current market positioning, the impact of spot BTC ETF might also play a crucial role moving forward. After recording a 19 day net-inflow streak, the trend has shifted with 2 day outflow streak fueled by Grayscale Investments’ capital exodus.
Overall, the growth prospect of Bitcoin is considered positive with forecasts pegging its short term price targets at $100,000.
Read More: Binance Adds New Trading Pairs for Notcoin and Dogwifhat
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Binance Warns Of Delisting These Tokens, Price Drop Ahead?
Published
48 mins agoon
July 1, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/binance3.jpg)
Binance has issued a new warning that has taken the crypto community by storm. The leading cryptocurrency exchange announced plans to extend its Monitoring Tag to 11 tokens, putting them at risk of future delisting.
Meanwhile, tokens affected include Balancer (BAL), and Cortex (CTXC), among others, while Enzyme (MLN) and Horizon (ZEN) will be removed from the risk list. Notably, this development could signal potential price volatility for the affected tokens.
Binance Adds Monitoring Tag To 11 Tokens
Binance’s recent announcement about its Monitoring Tag has sent ripples through the crypto market. As of July 1, the exchange will add several tokens, including Balancer (BAL), Cortex (CTXC), and Convex Finance (CVX), to its Monitoring Tag list.
Meanwhile, as per the announcement, tokens with this tag are considered high-risk and are closely monitored for volatility and compliance with Binance’s listing criteria. The tokens newly added to the Monitoring Tag list are:
Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT), Sun (SUN).
In contrast, Enzyme (MLN) and Horizon (ZEN) will be removed from the Monitoring Tag list. This shift indicates a reassessment of the risks and stability associated with these tokens. However, Binance’s decision to tag these 11 tokens highlights their increased volatility and potential for not meeting the platform’s listing criteria in the future.
Meanwhile, according to Binance, the Monitoring Tag serves as a warning that the listed tokens are under scrutiny and may face delisting if they fail to meet specific standards. These standards include the project’s commitment, development activity, trading volume, network stability, public communication, and ethical conduct.
Binance emphasizes that the Monitoring Tag aims to maintain a healthy and sustainable cryptocurrency ecosystem.
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Price Drop Ahead?
The introduction of the Monitoring Tag for these tokens has significant implications for investors. Historically, announcements of this nature from major crypto exchanges like Binance tend to impact market sentiment and token performance. Positive announcements usually boost market confidence, while warnings and potential delistings can weigh on investors’ sentiment.
Meanwhile, the affected tokens could experience increased price volatility and reduced trading volume as investors respond to the perceived risk. Tokens under the Monitoring Tag are also subject to additional trading restrictions on Binance.
In addition, users must complete a quiz every 90 days to trade these tokens, ensuring they understand the associated risks. This additional layer of scrutiny aims to protect users and promote informed trading decisions.
The announcement underscores the importance of due diligence in the rapidly evolving crypto market. Investors must stay informed about the status and compliance of their holdings, particularly in light of such warnings from leading exchanges. In other words, Binance’s criteria for the Monitoring Tag emphasize the importance of project transparency, network stability, and ethical conduct.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Japanese Tech Giant Sony Enters Crypto Exchange Business With This Acquisition
Published
4 hours agoon
July 1, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Sony-crypto-exchange-Amber-Group.webp.webp)
In the latest development, Japanese tech giant Sony has made a silent move into the crypto industry by acquiring crypto exchange Amber Japan. The Sony Group, a $100 billion conglomerate, now expands its business into crypto in addition to music, games, cameras, etc.
Sony’s Foray Into Crypto Industry
In his exclusive report, Chinese crypto reported Colin Wu reports that Amber Group stepped into the crypto space when the Singapore-based market maker Amber acquired Japan’s regulated crypto trading platform DeCurret in early 2022. Later, the Singapore-based group rebranded the firm as Amber Japan.
However, with the collapse of FTX in late 2022, Amberg Group started facing major financial difficulties and had to reportedly undergo a debt-to-equity transaction with Fenbushi Capital.
Some of the key investors in the Amber Group include notable entities such as Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. Colin Wu reported that the acquisition of Amber by Sony signifies a strategic expansion into the crypto exchange field while leveraging its strong market position. It will be interesting to see whether Sony manages to turn the tide for the crypto exchange.
Exclusive: Sony Group, one of Japan’s largest companies, has acquired Amber Japan, officially entering the crypto exchange field. Sony’s businesses include games, music, cameras, etc., with a market value of more than $100 billion. Singapore market maker Amber Group acquired… pic.twitter.com/XOHFIUmKtJ
— Wu Blockchain (@WuBlockchain) July 1, 2024
Also Read: BitFlyer Exchange Plans To Acquire FTX Japan
Japan’s Emerging Crypto Landscape
Japan’s crypto landscape has been changing pretty fast recently due to the major devaluation of the Japanese Yen and some monetary policies by the Bank of Japan. Last week, the Japanese Yen dropped to its lowest levels thereby driving more investors to adopt a Bitcoin strategy.
Similar to Microstrategy, Japanese firms like Metaplanet have started making Bitcoin a part of their treasury. Through the bond sale, Metaplanet has announced its plans to buy $7 million worth of Bitcoins.
Metaplanet is also bolstering its presence in the cryptocurrency market by establishing a new subsidiary in the British Virgin Islands. This move is part of its broader strategy to enhance its Bitcoin investment approach and increase its Bitcoin reserves, aligning with its long-term financial goals.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Mark Cuban and ChatGPT Predicts Best Pick
Published
7 hours agoon
July 1, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/1229228819.webp.webp)
American businessman Mark Cuban decided to get the opinion of ChatGPT on the recent Presidential debate between President Joe Biden and Donald Trump. The opinion of the Artificial Intelligence (AI) features only their responses.
ChatGPT Spots Joe Biden’s Empathy
According to Cuban, he pasted a transcript of the debate on the OpenAI chatbot, asking who is best fitted to receive a job.
The result provided by ChatGPT was based on a few metrics including communication skills, clarity, problem-solving abilities, and overall professionalism. On this basis and from a hiring perspective, an analysis was provided.
For Biden, ChatGPT noted that he has extensive experience in public service which must have translated into a deep understanding of governmental processes. Also, the current President of the United States was identified as one with empathy and social awareness. In the AI tool’s opinion, such attributes suggest that he is concerned about community impact.
I cut and paste a transcript of the debate into ChatGPT and asked it who it would hire for a job
Based on the debate transcript, evaluating Joe Biden and Donald Trump for a hypothetical employment scenario involves assessing their communication skills, clarity,…
— Mark Cuban (@mcuban) June 30, 2024
On the flip side, the ChatGPT result says Biden’s response during the debate was rather unclear and fragmented. Unfortunately, this raises concerns about his ability to communicate effectively, particularly in a professional setting.
His responses were also found to lack focus and consistency as he meandered off-topic at some point.
The Donald Trump Assertiveness
Per the analysis, Donald Trump appeared assertive and confident in his communication. This reflects good leadership qualities that give a person strong command. ChatGPT highlighted that Trump emphasized economic achievements and tax policies in his responses during the debate. This suggests that he has business acumen and is focused on economic performance.
However, Trump exaggerated several points while trying to make his argument, per ChatGPT’s result. This gives him off as a person who may not be reliable or accurate in communication. In addition, it was discovered that he avoided providing specific information, plans, or solutions to most of the questions posed to him. This is perceived as a shortcoming on his part.
Based on both attributes, ChatGPT decided that Biden is more suited for roles that involve empathy, experience, and social awareness. Trump, on the other hand, may have to stick with jobs requiring assertiveness, confidence, and a focus on economic performance.
Beyond these factors, the coming election is considered one that might be decided by crypto alignment. Some key proponents of Web3.0 believe that Trump will be a better choice than Biden, especially for the sake of the betterment of the crypto industry.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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